Because you can’t get myth track gear from M+. It is the only quality of gear that cannot be maxed out in week 1 no matter how much you grind for it.
Heroic/normal however you can do infinite M+ for exactly the same gear level. It makes no sense that these raids are limited. There might need to be a legendary lockout to prevent degens going ham on Fyrakk until it drops on day 3, but that’s not the same problem as general gearing.
Think you assume too much.
Not everyone wants to reach myth track, not everyone do M+, not everyone cares about gear but raid progress whichever difficulty they do etc.
It makes perfect sense from many different aspect like burnout, draining content fast and players getting bored, Blizzard profits.
Imo, gearing is too fast and m+ gearing need to be toned down, m+ aspect crests need to be harder to aquire, seasons just end too fast for players.
Gearing nowaday is a lot slower than it was for example during WotLK, but back then ppl just switched over to alts and geared those; from a pure gearing perspective, they don’t need to restirct gear aquisition that heavily.
I personally would prefer if WoW would implement a quest token system specifically for the raids. An entire raid completion gives you a token each week (alongside the RNG loot) and you can then use that token to buy at a vendor the specific raid item you want.
Similar like Bonus Roll coins in Legion worked.
Thats utter rubbish. You have M+ now on top of what you had then, plus you have pretty much the same chance at raid loot. You also have emissary quests and crafting.
How on earth did you arrive at that conclusion?
I played that expansion and had all classes in ICC gear. 
Valor (or whatever it was called back then) had no cap and could be endlessly farmed with random hc dungeons and bosses must have dropped significantly more loot. Plus there were the mini raids in addition to the standard raid (which had more bosses) that dropped the same ilvl. It was definitely easier back then to gear all my characters than it’s nowadays, where you only get loot every fourth (or less) M+ and most of the time not even the item you want but instead one you can throw directly into the bin again.
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